LAGOS, Nigeria (Chatnewstv.com) — The Socio-Economic Rights and Accountability Project (SERAP) has publicly demanded that the Nigerian National Petroleum Company Limited (NNPCL) account for a substantial sum of money cited as missing or misappropriated in a recent government audit.
In a letter sent to NNPCL Group Chief Executive Officer Bayo Bashir Ojulari, SERAP called for an explanation for N22.3 billion, $49.7 million, £14.3 million, and €5.2 million in oil money documented in the Auditor-General of the Federation’s 2022 annual report, which was published on Sept. 9, 2025. The combined foreign currency amounts equate to more than $110 million.
SERAP urged Ojulari to “identify those responsible for the diverted or misappropriated oil money and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for prosecution.”
The organization also insisted on the “full recovery and return of the diverted or misappropriated” funds to the treasury without delay.
‘Grave Violation of Public Trust’
SERAP Deputy Director Kolawole Oluwadare signed the letter, dated Oct. 25, 2025. He stated that the grim allegations represent a “grave violation of the public trust, the Nigerian Constitution 1999 [as amended], anticorruption laws, and the country’s international obligations.”
Oluwadare argued that the alleged missing oil money “has also undermined the economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities.”
He stressed that despite Nigeria’s oil wealth, “ordinary Nigerians have derived very little benefit from oil money primarily because of the widespread grand corruption including in the NNPCL, and the entrenched culture of impunity of perpetrators.”
Details of the Auditor-General’s Concerns
The 2022 audit report highlighted multiple instances where the Auditor-General feared funds may have been “diverted” or “missing.”
Specific claims flagged by SERAP from the audit include:
£14.3 million spent to repair the NNPCL’s London office in 2021, where the Auditor-General feared the money was “diverted or misappropriated” due to a lack of evidence or spending documents.
$22.8 million reportedly paid irregularly to a contractor for lifting crude oil, with the Auditor-General expressing concern that the money “may be missing.”
$12.4 million paid to a contractor to install a new diesel generation set at Mosimi Depot, where the project has reportedly not been fully executed despite payment.
N2.3 billion paid as a “car cash option” to 100 staff without the required approval of the National Salaries, Incomes and Wages Commission.
N12.7 billion that the NNPCL reportedly failed to remit into the general reserve fund from its operating surplus for December 2020.
N246 million paid for a contract to supply carbon steel pipe to Warri Refinery that the Auditor-General noted was “not never executed and the items were not supplied.”
SERAP warned that the organization would “consider appropriate legal actions to compel the NNPCL to comply with our requests in the public interest” if it does not receive a response within seven days of the letter’s receipt or publication.
